chip is a Verb
[1] To cut small pieces from; to diminsh or reduce to shape, by cutting away a little at a time; to hew. Shak.
[2] To break or crack, or crack off a portion of, as of an eggshell in hatching, or a piece of crockery.
[3] To bet, as with chips in the game of poker. To chip in, to contribute, as to a fund; to share in the risks or expenses of. [Slang. U. S.]
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